San Francisco's budget surplus seen rising to $96 million
SAN FRANCISCO May 9 (Reuters) - San Francisco Controller Ben Rosenfield said on Thursday the city would end its current fiscal year running through June with a budget surplus of $96.0 million, or $58 million above his office's previous estimate.
Gains in revenue from payroll and property-transfer taxes in particular have been filling San Francisco's coffers more than anticipated, Rosenfield said, adding that a larger surplus would help the city tackle its budget gap for the fiscal year beginning in July.
Next year's shortfall had been forecast at nearly $124 million. Rosenfield said his office is working on a revised deficit estimate for Mayor Edwin Lee, who must submit a plan for a balanced budget to the city's board of supervisors by June 1.